Umdoni Exploration, Inc. (TSE:ZEUS) has released an update.
Zeus North America Mining Corp., formerly Umdoni Exploration Inc., has announced a strategic decision to spin out its Chlore Property to its subsidiary, Kelso Mining Inc., through a Plan of Arrangement. Shareholders of Zeus will receive one Kelso share for every 150 Zeus shares owned, with the spin-off enabling Zeus to concentrate on its Idaho properties while Kelso focuses on the Chlore Property. The Arrangement is pending shareholder and regulatory approval.
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